By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday halted a five-day losing streak as all-share index (ASI) gained 0.15 percent to close at 28,857.34 basis points, while market capitalisation advanced by N15.05 billion to N9.91 trillion.
“Today’s improvement trimmed the Month-to-Date loss to 2.50 percent and extended the Year-to-Date gain to 0.75 percent,” Cordros daily market update said.
This is coming on the heels of a mid session rally across key Banking, Consumer and Industrial Goods counters which prompted the first positive close in six sessions.
At the close of trading on the domestic bourse, Cordros reports that the Banking index rose 0.98 percent, on the back of price appreciations in the shares of Nigeria’s tier one lenders, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc by 3.40 percent, 3.70 percent and 2.63 percent apiece.
Similarly, the Consumer and Industrial Goods indices closed in green by 0.94 percent and 0.61 percent respectively, following gains recorded the shares of Nigeria’s brewing giant, Nigerian Breweries Plc, cement manufacturer, Lafarge Cement Wapco Plc by 2.85 percent and 1.70 percent each.
On the flip side, selloffs in the shares of insurers, Nem Insurance Plc and Axa Mansard Insurance Plc resulted in the shares of the companies declining by 4.76 percent and 4.63 percent apiece. While, oil marketing firms, Oando Plc and Forte Oil Plc dropped by 5.91 percent and 5.00 percent respectively to weigh down the Insurance and Oil & Gas indices by 1.31 percent and 2.41 percent each.
At the close of trading on the Nigerian bourse, market breadth remained negative, with 14 gainers and 29 losers posted.
Nigerian Aviation Handling Company Plc emerged the top gainer with a gain of 0.19 kobo; while drug manufacturer, GlaxoSmithKline Consumer Nigeria Plc topped the losers chart with a loss of N2.01 per share.
In terms of turnover, total volume traded on the Nigerian Equities Market shrank by 24.60 percent to 207.62 million shares, valued at N3.64 billion, and traded in 4,542 deals.
“In the absence of any positive catalyst, save for likely impressive Q2 earnings, we see today’s gain as a dead cat bounce,” the Cordros update added.
